House vows to address food inflation after Q2 GDP growth slowed down
MANILA, Philippines — The House of Representatives promises to address food inflation after the country’s economy slumps during the year’s second quarter.
Speaker Martin Romualdez said the latest figures on the country’s Gross Domestic Product (GDP) presented the achievements of government economic managers as well as “areas requiring intensified action,” including rising food prices.
He said the House would focus on dealing with problems hounding the agricultural sector to increase yield and curtail losses through budget support, among others, to make affordable food accessible to Filipinos.
“We, in the House of Representatives, commend the unwavering efforts of our economic managers in navigating our nation towards recovery amidst challenging times. The report from the Philippine Statistics Authority, which reflects a 4.3% GDP growth for Q2 2023 and 5.3% for the first semester, highlights both our achievements and areas requiring intensified action,” Romualdez noted in a statement Friday.
“One pressing concern that’s evident is the rising food inflation, which has been a significant driver of the economic slowdown,” he added.
“We will focus on injecting funds into our agricultural sector, promoting modern farming techniques, and improving storage and distribution infrastructure. This will help increase yield and reduce post-harvest losses,” he continued.
Romualdez likewise mentioned enhancing supply chain management by addressing logistical bottlenecks and “ensuring that unscrupulous practices do not exploit Filipinos.”
He also said that the House would review the country’s importation policies.
“Reviewing and, if necessary, adjusting our import policies can help stabilize food prices. Strategic imports, when local supply is low, can prevent excessive price hikes,” he explained.
On Thursday, the Philippine Statistics Authority reported that the Philippines’ GDP grew by 4.3 percent in the second quarter of 2023, slowing down from 7.5 percent in the same period last year and 6.4 percent in the first quarter this year.